Pennsylvania sets sports betting handle record in October with $776m in bets

Pennsylvania is the latest state with sports betting to set new sports betting records in October.

According to the latest figures from the Pennsylvania Gaming Control Board (PGCB), bettors in the state wagered $776.3m on sporting events in October.

October’s sports betting handle marks a new record for the state, beating the previous handle figure of $615.3m that was set back in January 2021.

The latest figure marks a significant 34.1% month-on-month increase on the $578.8m wagered in September. October’s handle also represents a massive 47.6% year-on-year increase on the $525.8m wagered this time last year.

While handle hit new highs in the Keystone State in October, revenue in the state slowed.

According to the state report, sportsbooks held onto $42.3m in revenue in October, down from the $48.1m generated in September 2021.

The new handle record can be attributed to the five full weekends of football activity in the October calendar and high promotional spend.

Online promo spend drags taxable revenue down

In Pennsylvania, online sportsbooks can deduct their promotional costs before revenue is taxed. Sportsbooks in the Keystone State spent $18.7m in promotional credits in October, down from September’s high of $19.9m.

Of the total spent on promotions in October, FanDuel, BetMGM, and DraftKings accounted for just under 80% of the total figure.

FanDuel spent $8.3m on promotions, BetMGM spent $4m and DraftKings spent $2.7m.

The promotional spending in October brought taxable sports betting revenue down to $23.5m in October. This resulted in sportsbooks paying $8.5m in taxes to the state in October.

FanDuel extends market lead

FanDuel, which operates in partnership with Valley Forge Casino, led the market after taking $270.8m in bets and generating $19.3m in revenue for the month.

DraftKings, which operates in the state in partnership with Meadows Racetrack & Casino, came in second place with $201.7m in wagers and $9.6m in revenue.

Penn National Gaming’s Barstool Sportsbook came in a distant third place with $71.5m in handle and just $118,849 in sports betting revenue. BetMGM, which operates under Hollywood Casino Morgantown’s license, took the fourth spot after generating $4.3m in revenue from $65.9m in sports bets in October.

BetRivers followed with $28.2m in bets and $1.2m in revenue while Fox Bet managed to generate $721,307 in revenue from $20m in bets.

FanDuel, BetRivers and the Parx sportsbook were the only three to record a month-on-month increase in online handle.

No other operator in the state of Pennsylvania passed the $20m handle threshold in October.

Online table games hit new high

The state’s online casino gaming market also posted strong figures for the month of October.

Pennsylvania’s total online gambling revenue in October amounted to $102.9m in October marking a 72.1% year-on-year increase. Online slot revenue came to $70.7m and online table game revenue was up 72.3% to $29.3m. Revenue from online poker was up 17.8% to $2.8m.

Pennsylvania total gambling revenue across all verticals and channels in October amounted to $425.9m.